Rathbones Group PLC lifted its holdings in shares of American Tower Corporation (NYSE:AMT – Free Report) by 8.1% in the first quarter, Holdings Channel.com reports. The institutional investor owned 512,409 shares of the real estate investment trust’s stock after acquiring an additional 38,193 shares during the period. Rathbones Group PLC’s holdings in American Tower were worth $88,432,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Oakworth Capital Inc. grew its stake in shares of American Tower by 90.7% during the fourth quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 68 shares during the last quarter. Richards Merrill & Peterson Inc. bought a new position in shares of American Tower in the 4th quarter valued at $25,000. Swiss RE Ltd. bought a new position in shares of American Tower in the 4th quarter valued at $25,000. Triumph Capital Management acquired a new stake in shares of American Tower during the 3rd quarter valued at $29,000. Finally, Acumen Wealth Advisors LLC bought a new stake in American Tower during the 4th quarter worth $29,000. 92.69% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other news, EVP Ruth T. Dowling sold 1,106 shares of the stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total transaction of $193,505.76. Following the completion of the sale, the executive vice president directly owned 27,711 shares in the company, valued at $4,848,316.56. This represents a 3.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Joseph Meyer sold 5,000 shares of American Tower stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total transaction of $894,450.00. Following the transaction, the chief financial officer directly owned 21,428 shares of the company’s stock, valued at $3,833,254.92. This represents a 18.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 6,791 shares of company stock worth $1,204,091. Insiders own 0.08% of the company’s stock.
American Tower Stock Performance
American Tower Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Friday, June 12th were paid a $1.79 dividend. This represents a $7.16 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Friday, June 12th. American Tower’s dividend payout ratio is currently 98.49%.
Trending Headlines about American Tower
Here are the key news stories impacting American Tower this week:
- Positive Sentiment: Analysts raised their valuation expectations for American Tower. One firm lifted its price target to $220, while BMO Capital Markets increased its target to $195, suggesting potential upside from recent trading levels. American Tower Price Target Raised to $220 BMO Raises American Tower Price Target
- Positive Sentiment: American Tower’s latest results were stronger than expected, with revenue up 6.8% year over year to $2.74 billion and EPS of $2.84 versus the $1.60 consensus estimate. Record CoreSite data-center leasing and continued demand from cloud and artificial-intelligence infrastructure provide additional growth support.
- Neutral Sentiment: EVP Ruth Dowling sold 1,791 shares across two transactions for approximately $309,641 under a pre-arranged Rule 10b5-1 plan. Because the sales were scheduled and she retained a sizable stake, the transactions are a limited signal about management’s outlook. SEC Insider Trading Filing
- Negative Sentiment: CFO Robert Joseph Meyer sold 5,000 shares worth approximately $894,450, reducing his ownership by 18.92%. Although the sale does not necessarily indicate deteriorating fundamentals, the larger transaction may weigh on investor sentiment. CFO SEC Insider Trading Filing
- Negative Sentiment: American Tower remains highly leveraged, with a debt-to-equity ratio of 3.12, making it sensitive to higher interest rates. Rising borrowing costs can pressure REIT valuations and reduce the appeal of its approximately 4.1% dividend yield.
Analyst Ratings Changes
A number of equities analysts have issued reports on AMT shares. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $214.00 target price on shares of American Tower in a report on Wednesday. Jefferies Financial Group cut their price target on American Tower from $210.00 to $201.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Wolfe Research raised American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 price objective for the company in a research note on Wednesday, July 8th. BMO Capital Markets raised their price objective on shares of American Tower from $190.00 to $195.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. Finally, Scotiabank reiterated an “outperform” rating on shares of American Tower in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $215.19.
Read Our Latest Stock Report on American Tower
About American Tower
American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.
Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.
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